| THE AYALA WAY

Vol 6 No 39

“Carl [Cruz] brings with him a wealth of experience, a proven track record of success, and a deep understanding of the telecom industry. [...] I’m confident that with Carl’s expertise and leadership, Globe will soar to even greater heights. On behalf of the board, let me take this opportunity to thank Ernest [Cu] for his visionary and transformative leadership. He has been the prime catalyst behind Globe’s success, delivering landmark achievements that have shaped our company’s future, guiding it through some of its most challenging periods.”

JAIME AUGUSTO ZOBEL DE AYALA
Globe Chairman

DO WHAT’S RIGHT · INSPIRE EXCELLENCE

Uplifting Lives Every Day

Despite facing macroeconomic challenges and natural disasters that reduced consumer spending, Globe Telecom, under the leadership of outgoing president and CEO Ernest Cu, ended 2024 with strong financial results and maintained its overall leadership in a digitally empowered Philippines.

Cu noted the company’s solid performance in the past year, including net income after tax of P24.3 billion and core NIAT of P21.5 billion, the second highest in Globe’s history. Further, he described how Globe has transformed from a traditional telco into a leading digital solutions provider: “Together, we have redefined what it means to be a purpose driven company continuously breaking barriers, enriching lives, and elevating experiences.”

Cu passed the headship of Globe to Carl Raymond Cruz, former CEO of Airtel Nigeria. Said Cruz: “I’m excited to take the reins of this prestigious organization and eager to see what we can do together for our customers and stakeholders.” He expressed his aspiration to take Globe to telco market leadership and make it the most admired company in the Philippines.

Together with the Globe board and senior leaders, chairman Jaime Augusto Zobel de Ayala thanks outgoing president and CEO Ernest Cu at the close of the company’s annual stockholders meeting

IMI Chairman Albert de Larrazabal presides over the company’s meeting with (from left) CFO Robert Heese, CEO Louis Sylvester Hughes, outgoing board director Jerome Tan, and corporate secretary Franchette Acosta

Ensuring Reliability and Creating Impact

Integrated Micro-Electronics, Inc. held its annual stockholders meeting, highlighting the company’s efforts in organizational transformation, operational efficiency, supply chain agility, enhancing quality, and improving throughput for global competitiveness, among others.

Chief executive Louis Sylvester Hughes underscored the primacy of people: “By investing in targeted development programs and aligning employee performance with our strategic goals, we continue to foster a culture of empowerment, accountability, and continuous improvement.”

Lastly, IMI welcomed back Mark Robert Uy to its board of directors, in place of Jerome Tan.